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Reserve bank of India (RBI)

Amendment in Regulations:
  1. Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2015: Reserve Bank of India has issued Notification No. FEMA. 359/2015-RB, dated 2nd Dec, 2015 further amending Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 by inserting the following provisos:

    a. Amendment to Regulation 21(2)(ii)

    After regulation 21(2)(ii) the following proviso shall be inserted:

    “Provided that under these Regulations, Reserve Bank may, in consultation with the Government of India, change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs”.

    b. Amendment to Regulation 21(2)(iii)

    After regulation 21(2)(iii) the following proviso shall be inserted:

    “Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, change / prescribe any provision or proviso for issuance of FCEBs.

    This amendment shall come in force from date of publication in the Official Gazette.

  2. Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2015:Reserve Bank of India has issued Notification No. FEMA. 358/2015-RB, dated 2nd Dec, 2015 further amending Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 by inserting the following provisos:

    a. Amendment to Schedule I

    After paragraph 3 the following proviso shall be inserted:

    4. Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India,  prescribe for the automatic route, any provision or proviso regarding various parameters listed in paragraphs 1 to 3 above of this Schedule or any other parameter as prescribed by the Reserve Bank and also prescribe the date from which any or all of the existing proviso will cease to exist, in respect of borrowings from overseas, whether in foreign currency or Indian Rupees, such as addition / deletion of borrowers eligible to raise such borrowings, overseas lenders / investors, purposes of such borrowings, change in amount, maturity and all-in-cost, norms regarding security, pre-payment, parking of ECB proceeds, reporting and drawal of loan, refinancing, debt servicing, etc.

    b. Amendment to Schedule II

    After paragraph 5 the following proviso shall be inserted:

    6. Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, prescribe for the approval route, any provision or proviso regarding various parameters listed in paragraphs 1 to 5   above of this Schedule or any other parameter as prescribed by the Reserve Bank and also prescribe the date from which any or all of the existing provisions will cease to exist, in respect of borrowings from overseas, whether in foreign currency or Indian Rupees, such as addition / deletion of borrowers eligible to raise such borrowings, overseas lenders / investors, purposes of such borrowings, change in amount, maturity and all-in-cost, norms regarding security, pre-payment, parking of ECB proceeds, reporting and drawl of loan, refinancing, debt servicing, etc.

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